Developers say work will begin on phase one of the project in the next few weeks. The first phase involves more than 300 apartments, a 1,200 space parking lot and 67,000 square feet of retail or office space.

Developer John Rosenthal first presented the idea for the project in 2002. After years of deliberation, the developers decided to split the project into two phases.

A MassDOT spokesman tells The Boston Globe the Fenway Center will transform an “underutilized state asset” into a “thriving” economic opportunity.